Westbridge buys SA Coles assets

Westbridge Funds Management has bought a hotel and liquor store South Australia assets for $15.1 million from Coles Group, as part of a new commercial property fund.

The West Perth-based property fund bought Hampstead Hotel and an adjacent First Choice Liquor store in Collinswood, to seed its new Westbridge Total Return Fund.

The fund is targeting $100 million in commercial assets, with opportunities to value add and provide income.

The property is on a 1.09-hectare corner block at 143 North East Road, and is tenanted by Queensland Venue Co – a joint venture between Australian Venue Co and Coles Group.

Westbridge Funds Management chairman Damian Collins described the purchase as an ideal asset to support the fund’s growth and income strategy.

“This dual-focused approach seeks to meet investor demand for opportunities that aim to deliver sought-after capital growth while still enabling robust, ongoing income through strong underlying tenancies and income-based opportunities,” he said.

Westbridge Funds Management head of capital transactions Simon Worth said the asset had both these attributes, and that capital upgrades to the hotel would improve its value.

Westbridge manages more than $850 million of commercial and residential property funds and more than 20 residential projects nationally.